U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era

Michael Bordo is at Rutgers University (bordo@fas-econ.rutgers.edu); Owen Humpage is at the Federal Reserve Bank of Cleveland (owen.f.humpage@clev.frb.org), and Anna J. Schwartz is at the National Bureau of Economic Research (aschwartz@gc.cuny.edu). The authors thank Caroline Herrell, Michael Shenk, and Zebo Zakir for their research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.